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First Time Home Buyer Programs

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

If you are looking to buy your first home in the near future (or at least the first one in the last three years) you may be considering a first time home buyer loan. For many individuals, a first time home buyer loan may be the only way they’re able to secure the financing needed to own their own home. While the specifics may vary from program to program, these types of loans offer a number of benefits by subsidizing interest, offering grants, allowing for a zero or low down payment, and imposing restrictions on the fees lenders are able to charge their borrowers. Loans can also be forgiven in some situations. Sounds good so far, right? But as with most good things, there are some strings attached which you may not be aware of.

First of all, first time home buyer loans place a cap on the purchase price of your home. As such, if you are looking to buy a more expensive property, these loans are not right for you. Instead, you will find yourself limited to more inexpensive, lower end options. Next, the home must also meet certain physical requirements. It must be in good condition and free of safety hazards. Another requirement is that you must physical live in the home you purchase (i.e. the home must be your “primary residence”). You can’t buy the home with explicit intention of renting it out. Moreover, if you sell your home too quickly, you may lose some of the benefits that the program offers and be required to pay a “recapture” tax on the benefits you received.

Given some of the restrictions imposed by first time home buyer loans, they are not right for everyone. Experts note that it is only with a FICO score below 680 that you will see any benefits to subsidized first time home buyer loans. If you feel that these loans are not a fit for you, you may be better off with a more traditional mortgage or FHA loan. As with anything, you need to do your due diligence by doing some comparison shopping and evaluate subsidized first time home buyer loans against what traditional lenders are offering. Once you’ve done some number crunching, go only with the option that is the best all round fit your needs. Good luck and all the best!

First Time Home Buyer Programs

For more tips on buying your first home including grants, loans, and other programs you may be able to take advantage of, be sure to visit our first time home buyer guide. Go ahead and log on now: http://firsttimehomebuyerstimulus.net

.

Article from articlesbase.com

First Time Home Buyer Programs

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

If you are looking to buy your first home in the near future (or at least the first one in the last three years) you may be considering a first time home buyer loan. For many individuals, a first time home buyer loan may be the only way they’re able to secure the financing needed to own their own home. While the specifics may vary from program to program, these types of loans offer a number of benefits by subsidizing interest, offering grants, allowing for a zero or low down payment, and imposing restrictions on the fees lenders are able to charge their borrowers. Loans can also be forgiven in some situations. Sounds good so far, right? But as with most good things, there are some strings attached which you may not be aware of.

First of all, first time home buyer loans place a cap on the purchase price of your home. As such, if you are looking to buy a more expensive property, these loans are not right for you. Instead, you will find yourself limited to more inexpensive, lower end options. Next, the home must also meet certain physical requirements. It must be in good condition and free of safety hazards. Another requirement is that you must physical live in the home you purchase (i.e. the home must be your “primary residence”). You can’t buy the home with explicit intention of renting it out. Moreover, if you sell your home too quickly, you may lose some of the benefits that the program offers and be required to pay a “recapture” tax on the benefits you received.

Given some of the restrictions imposed by first time home buyer loans, they are not right for everyone. Experts note that it is only with a FICO score below 680 that you will see any benefits to subsidized first time home buyer loans. If you feel that these loans are not a fit for you, you may be better off with a more traditional mortgage or FHA loan. As with anything, you need to do your due diligence by doing some comparison shopping and evaluate subsidized first time home buyer loans against what traditional lenders are offering. Once you’ve done some number crunching, go only with the option that is the best all round fit your needs. Good luck and all the best!

First Time Home Buyer Programs

For more tips on buying your first home including grants, loans, and other programs you may be able to take advantage of, be sure to visit our first time home buyer guide. Go ahead and log on now: http://firsttimehomebuyerstimulus.net

.

Article from articlesbase.com

Related Home Buyer Programs Articles

First Time Home Buyer Programs

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

If you are looking to buy your first home in the near future (or at least the first one in the last three years) you may be considering a first time home buyer loan. For many individuals, a first time home buyer loan may be the only way they’re able to secure the financing needed to own their own home. While the specifics may vary from program to program, these types of loans offer a number of benefits by subsidizing interest, offering grants, allowing for a zero or low down payment, and imposing restrictions on the fees lenders are able to charge their borrowers. Loans can also be forgiven in some situations. Sounds good so far, right? But as with most good things, there are some strings attached which you may not be aware of.

First of all, first time home buyer loans place a cap on the purchase price of your home. As such, if you are looking to buy a more expensive property, these loans are not right for you. Instead, you will find yourself limited to more inexpensive, lower end options. Next, the home must also meet certain physical requirements. It must be in good condition and free of safety hazards. Another requirement is that you must physical live in the home you purchase (i.e. the home must be your “primary residence”). You can’t buy the home with explicit intention of renting it out. Moreover, if you sell your home too quickly, you may lose some of the benefits that the program offers and be required to pay a “recapture” tax on the benefits you received.

Given some of the restrictions imposed by first time home buyer loans, they are not right for everyone. Experts note that it is only with a FICO score below 680 that you will see any benefits to subsidized first time home buyer loans. If you feel that these loans are not a fit for you, you may be better off with a more traditional mortgage or FHA loan. As with anything, you need to do your due diligence by doing some comparison shopping and evaluate subsidized first time home buyer loans against what traditional lenders are offering. Once you’ve done some number crunching, go only with the option that is the best all round fit your needs. Good luck and all the best!

First Time Home Buyer Programs

For more tips on buying your first home including grants, loans, and other programs you may be able to take advantage of, be sure to visit our first time home buyer guide. Go ahead and log on now: http://firsttimehomebuyerstimulus.net

.

Article from articlesbase.com

First Time Home Buyer Programs

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

If you are looking to buy your first home in the near future (or at least the first one in the last three years) you may be considering a first time home buyer loan. For many individuals, a first time home buyer loan may be the only way they’re able to secure the financing needed to own their own home. While the specifics may vary from program to program, these types of loans offer a number of benefits by subsidizing interest, offering grants, allowing for a zero or low down payment, and imposing restrictions on the fees lenders are able to charge their borrowers. Loans can also be forgiven in some situations. Sounds good so far, right? But as with most good things, there are some strings attached which you may not be aware of.

First of all, first time home buyer loans place a cap on the purchase price of your home. As such, if you are looking to buy a more expensive property, these loans are not right for you. Instead, you will find yourself limited to more inexpensive, lower end options. Next, the home must also meet certain physical requirements. It must be in good condition and free of safety hazards. Another requirement is that you must physical live in the home you purchase (i.e. the home must be your “primary residence”). You can’t buy the home with explicit intention of renting it out. Moreover, if you sell your home too quickly, you may lose some of the benefits that the program offers and be required to pay a “recapture” tax on the benefits you received.

Given some of the restrictions imposed by first time home buyer loans, they are not right for everyone. Experts note that it is only with a FICO score below 680 that you will see any benefits to subsidized first time home buyer loans. If you feel that these loans are not a fit for you, you may be better off with a more traditional mortgage or FHA loan. As with anything, you need to do your due diligence by doing some comparison shopping and evaluate subsidized first time home buyer loans against what traditional lenders are offering. Once you’ve done some number crunching, go only with the option that is the best all round fit your needs. Good luck and all the best!

First Time Home Buyer Programs

For more tips on buying your first home including grants, loans, and other programs you may be able to take advantage of, be sure to visit our first time home buyer guide. Go ahead and log on now: http://firsttimehomebuyerstimulus.net

.

Article from articlesbase.com

Find More Home Buyer Programs Articles

First Time Home Buyer Programs

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

If you are looking to buy your first home in the near future (or at least the first one in the last three years) you may be considering a first time home buyer loan. For many individuals, a first time home buyer loan may be the only way they’re able to secure the financing needed to own their own home. While the specifics may vary from program to program, these types of loans offer a number of benefits by subsidizing interest, offering grants, allowing for a zero or low down payment, and imposing restrictions on the fees lenders are able to charge their borrowers. Loans can also be forgiven in some situations. Sounds good so far, right? But as with most good things, there are some strings attached which you may not be aware of.

First of all, first time home buyer loans place a cap on the purchase price of your home. As such, if you are looking to buy a more expensive property, these loans are not right for you. Instead, you will find yourself limited to more inexpensive, lower end options. Next, the home must also meet certain physical requirements. It must be in good condition and free of safety hazards. Another requirement is that you must physical live in the home you purchase (i.e. the home must be your “primary residence”). You can’t buy the home with explicit intention of renting it out. Moreover, if you sell your home too quickly, you may lose some of the benefits that the program offers and be required to pay a “recapture” tax on the benefits you received.

Given some of the restrictions imposed by first time home buyer loans, they are not right for everyone. Experts note that it is only with a FICO score below 680 that you will see any benefits to subsidized first time home buyer loans. If you feel that these loans are not a fit for you, you may be better off with a more traditional mortgage or FHA loan. As with anything, you need to do your due diligence by doing some comparison shopping and evaluate subsidized first time home buyer loans against what traditional lenders are offering. Once you’ve done some number crunching, go only with the option that is the best all round fit your needs. Good luck and all the best!

First Time Home Buyer Programs

For more tips on buying your first home including grants, loans, and other programs you may be able to take advantage of, be sure to visit our first time home buyer guide. Go ahead and log on now: http://firsttimehomebuyerstimulus.net

.

Article from articlesbase.com

First Time Home Buyer Programs

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

If you are looking to buy your first home in the near future (or at least the first one in the last three years) you may be considering a first time home buyer loan. For many individuals, a first time home buyer loan may be the only way they’re able to secure the financing needed to own their own home. While the specifics may vary from program to program, these types of loans offer a number of benefits by subsidizing interest, offering grants, allowing for a zero or low down payment, and imposing restrictions on the fees lenders are able to charge their borrowers. Loans can also be forgiven in some situations. Sounds good so far, right? But as with most good things, there are some strings attached which you may not be aware of.

First of all, first time home buyer loans place a cap on the purchase price of your home. As such, if you are looking to buy a more expensive property, these loans are not right for you. Instead, you will find yourself limited to more inexpensive, lower end options. Next, the home must also meet certain physical requirements. It must be in good condition and free of safety hazards. Another requirement is that you must physical live in the home you purchase (i.e. the home must be your “primary residence”). You can’t buy the home with explicit intention of renting it out. Moreover, if you sell your home too quickly, you may lose some of the benefits that the program offers and be required to pay a “recapture” tax on the benefits you received.

Given some of the restrictions imposed by first time home buyer loans, they are not right for everyone. Experts note that it is only with a FICO score below 680 that you will see any benefits to subsidized first time home buyer loans. If you feel that these loans are not a fit for you, you may be better off with a more traditional mortgage or FHA loan. As with anything, you need to do your due diligence by doing some comparison shopping and evaluate subsidized first time home buyer loans against what traditional lenders are offering. Once you’ve done some number crunching, go only with the option that is the best all round fit your needs. Good luck and all the best!

First Time Home Buyer Programs

For more tips on buying your first home including grants, loans, and other programs you may be able to take advantage of, be sure to visit our first time home buyer guide. Go ahead and log on now: http://firsttimehomebuyerstimulus.net

.

Article from articlesbase.com

Related Home Buyer Programs Articles

First Time Home Buyer Programs

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

The Pros and Cons of First Time Home Buyer Loans: Are They Right For You?

If you are looking to buy your first home in the near future (or at least the first one in the last three years) you may be considering a first time home buyer loan. For many individuals, a first time home buyer loan may be the only way they’re able to secure the financing needed to own their own home. While the specifics may vary from program to program, these types of loans offer a number of benefits by subsidizing interest, offering grants, allowing for a zero or low down payment, and imposing restrictions on the fees lenders are able to charge their borrowers. Loans can also be forgiven in some situations. Sounds good so far, right? But as with most good things, there are some strings attached which you may not be aware of.

First of all, first time home buyer loans place a cap on the purchase price of your home. As such, if you are looking to buy a more expensive property, these loans are not right for you. Instead, you will find yourself limited to more inexpensive, lower end options. Next, the home must also meet certain physical requirements. It must be in good condition and free of safety hazards. Another requirement is that you must physical live in the home you purchase (i.e. the home must be your “primary residence”). You can’t buy the home with explicit intention of renting it out. Moreover, if you sell your home too quickly, you may lose some of the benefits that the program offers and be required to pay a “recapture” tax on the benefits you received.

Given some of the restrictions imposed by first time home buyer loans, they are not right for everyone. Experts note that it is only with a FICO score below 680 that you will see any benefits to subsidized first time home buyer loans. If you feel that these loans are not a fit for you, you may be better off with a more traditional mortgage or FHA loan. As with anything, you need to do your due diligence by doing some comparison shopping and evaluate subsidized first time home buyer loans against what traditional lenders are offering. Once you’ve done some number crunching, go only with the option that is the best all round fit your needs. Good luck and all the best!

First Time Home Buyer Programs

For more tips on buying your first home including grants, loans, and other programs you may be able to take advantage of, be sure to visit our first time home buyer guide. Go ahead and log on now: http://firsttimehomebuyerstimulus.net

.

Article from articlesbase.com

Down Payment Assistance Programs Explained
First Time Home Buyer Programs

Mortgage Finance

Pick the Right Perks for your Adjustable Rate Mortgage

Pick the Right Perks for your Adjustable Rate Mortgage

These are heavy days for Canadian homeowners. If you’ve been in your home even a few years, you’ve probably already enjoyed a modest climb in the value of your home. Even if you don’t intend to sell, it’s good to know that your real estate investment is doing well. But we’re also enjoying an environment in which mortgage rates have reached historic lows.

That combination — strong valuations and low mortgage rates — has an unprecedented number of Canadians looking for ways to capitalize on the great opportunities available to them.

Whether it’s to buy their first home, trade up, or take equity back out of their homes, Canadians are jumping at the opportunity to borrow at today’s rock-bottom rates.

While many homebuyers are reconsidering the value of fixed-rate mortgages to lock in those low rates, you should keep in mind that adjustable-rate mortgages – the darling of the dropping rate trend – can still offer real value to homeowners. It’s a matter of finding the right combination of mortgage features and options.

As banks have been joined by other lending institutions, we have seen our menu of ontario mortgage options grow accordingly – with some innovative new mortgage types now available to help Canadians take advantage of today’s unusual opportunities.

One of the most innovative mortgages we’ve seen in a very long time is a new adjustable-rate mortgage with some very compelling features. First, it’s based on an institutional rate benchmark known as Bankers Acceptance. Most of us are familiar with the rate benchmark known as Canadian Prime – and we are accustomed to assessing mortgage rates based on Prime. The BA, on the other hand, is the rate at which banks will lend money to one another – and it’s typically a lower rate (sometimes much lower) than the prime rate offered to a bank’s best customers. The new BA-based mortgage – compared to the best prime-based mortgage available – could have saved a mortgage client a bundle over the last several years, primarily because the prime rate tends to be “stickier” in an environment where rates are falling. Often, the more fluid, market-based BA rates deliver the rate change more quickly. The BA rate is no trade secret, by the way; pick up a copy of your favourite financial paper and look for the published money rates to find the Bankers Acceptance Rate.

But the attractive rate structure is not the only perk. The same BA-based mortgage – so welldesigned to help clients wring the last quarter point from their mortgage rate – now also comes with a rate cap which guarantees that your rate will never climb higher than 2.15% above the starting base rate – no matter what happens to rates during your mortgage term. There’s no worry about locking in too high because the rate is always adjustable down.

Only the ceiling is fixed. It’s a homebuyers’ dream:

A mortgage with limited upside and unlimited downside. If you’re thinking about buying a home this year, or you haven’t had your mortgage reviewed in the last several months, take the opportunity to get an expert assessment of your many options from a mortgage professional. It could be the best investment you’ll make this year!

First Time Home Buyer Programs

The House Team is commited to providing quality information to help people make informed decisions about their mortgage financing needs.


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First Time Home Buyer Programs

Which First Time Home Buyer Programs Are Right for You?

Which First Time Home Buyer Programs Are Right for You?

So, you want to buy a home. I congratulate you. Now, you need to know what first time home buyer programs are right for you. Where do we begin?

Let’s get down to the basics. First you want to have your credit file in order. By this I mean, no collections or late payments in the last 2 years.

Assuming this is the case, you can begin shopping around for some first time home buyer programs. There are plenty out there. But, for the sake of time and space in this article, I’m going to share with you two options. FHA and VA.

Once you get a feel for these two programs, you will have the knowledge to talk the talk and walk the walk. There are others programs however.

FHA FIRST TIME HOME BUYER PROGRAMS

Now, hands down the FHA is one of the best first time home buyer programs. Why? It has relaxed credit standards over the conventional loan and also has a low down payment feature.

First let’s talk about the credit requirements. In the past FHA would let you buy a home without any credit score at all. Now they seem to be requesting a score around 620. This is still lower than a conventional loan which requires 700 and above.

A credit file is not all that hard to build if you do not have one. Talk with a large national lender about this. Look for a loan officer that has years of experience with FHA home loans. He/she can give you some ideas.

When it comes to a down payment, FHA since 1934 has offered this 3% low down payment option. This makes it possible for you, the first time home buyer to get into a home with very little money.

In fact, the down payment can even be a gift from a relative or charity. I’ve written other articles about down payment assistance, which are awesome when you see how they work. You can in effect buy a house with no money down.

FHA loans do have MIP or a mortgage insurance premium of 1.75% of the loan amount. You have to pay this up front at the loan closing. This amount is added onto your original mortgage amount. So it increases your payment by about .55% of the loan amount until you pay off the mortgage.

If you ever go to sell a house that has FHA mortgage insurance on it, or pay off the loan early you may be entitled to a refund of this insurance premium. Check with your lender about this.

VA FIRST TIME HOME BUYER PROGRAMS

Now the VA loan program is even better. However, you must be a veteran to take advantage of these first time home buyer programs.

When it comes to credit, the VA loan works much the same way as the FHA home loan. So I’m not going to spend much time on this. VA loans may allow a little bit lower credit score.

With the VA home loan, the down payment and MIP is a horse of a different color.

VA loans require NO DOWN PAYMENT. Yes they are 100% financing. Again this is a benefit for veterans only.

The mortgage insurance premium is another reason the VA loan is for first time home buyers. They do not have any MIP to be paid. HUD guarantees the loan 100%. However, there is a VA Funding fee which could range from 0-3% of the loan amount. If the veteran is injured in combat and can have this documented by the VA, then it is 0% funding fee.

So unlike the FHA loan which your loan amount and payment increases slightly, with a VA loan the payment amount does not increase, but the loan amount may increase because of the funding fee.

This is the best loan option if you ask me.

Let me tell you a brief story about a VA loan I did several years ago. There was this really nice couple with one child that wanted to buy a home.

They came to me for a mortgage. After talking with them I learned he was a veteran. When I discussed the benefits of a VA loan they got excited.

He was an injured Vet and had the paperwork to prove it. He had been permanently injured in the face because of shrapnel.

So a long story made short, they bought a house for ,000 with no money down and no VA funding fee. If I recall the maximum out of pocket he put into the deal was less than 0.

Now they are buying a home for less than what they were paying in rent. Again, what VA offers is one of the greatest of all first time home buyer programs.

Explore all your options when looking for a mortgage. Ask questions of your loan officer. Be sure to get your education first, then go looking.

First Time Home Buyer Programs

Jeff and Melinda Ragan want to help learn more about first time home buyer programs available and other helpful information on their website, First-Time-Home-Buyer-Solutions.com.

Related Home Buyer Programs Articles